FireEye, Inc. (FEYE) Upgraded by Zacks Investment Research to “Buy”

FireEye, Inc. (NASDAQ:FEYE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm presently has a $16.00 price objective on the information security company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.42% from the company’s current price.

According to Zacks, “FireEye is a specialized provider of a security platform against cyber-attacks to enterprises and governments. FireEye’s management has been striving to turn around the business through a string of initiatives, which includes product launches, acquisition and cost optimization. We consider that FireEye’s turnaround strategies are paying off as reflected from its back-to-back two quarters of splendid results, and solid outlook for the third quarter and full year. Additionally, although a shift from product-based to subscription-based business model will have a negative impact on FireEye’s near-term results, we believe that it will lead to more stable revenues over the long run.Going ahead, a healthy security market, strong product line-up, deal wins and investment plans should act as a tailwind. Nonetheless, negative operating cash flow remains a major headwind for FireEye, which may hinder the execution of its growth plans.”

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A number of other research analysts have also issued reports on FEYE. Deutsche Bank AG upped their target price on shares of FireEye from $13.00 to $15.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. BMO Capital Markets upped their target price on shares of FireEye from $15.00 to $17.00 and gave the company a “market perform” rating in a report on Wednesday, August 2nd. BTIG Research restated a “buy” rating and issued a $18.00 target price (up from $17.00) on shares of FireEye in a report on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and issued a $20.00 target price on shares of FireEye in a report on Wednesday, August 2nd. Finally, BidaskClub lowered shares of FireEye from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. FireEye has a consensus rating of “Hold” and a consensus price target of $15.97.

Shares of FireEye (FEYE) traded down 0.56% during trading on Monday, reaching $14.28. 4,441,015 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $15.39 and a 200-day moving average price of $13.45. The stock’s market capitalization is $2.52 billion. FireEye has a 52 week low of $10.35 and a 52 week high of $17.70.

FireEye (NASDAQ:FEYE) last released its earnings results on Tuesday, August 1st. The information security company reported ($0.26) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.13. The company had revenue of $185.50 million for the quarter, compared to analyst estimates of $176.39 million. FireEye had a negative net margin of 46.37% and a negative return on equity of 26.21%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.33) EPS. Analysts predict that FireEye will post ($0.22) earnings per share for the current year.

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In other FireEye news, EVP Alexa King sold 69,884 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $14.46, for a total value of $1,010,522.64. Following the completion of the sale, the executive vice president now owns 428,733 shares of the company’s stock, valued at $6,199,479.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in FireEye by 37.4% in the first quarter. Bank of Montreal Can now owns 7,887 shares of the information security company’s stock worth $100,000 after buying an additional 2,147 shares during the last quarter. Sigma Planning Corp bought a new stake in FireEye during the first quarter worth $132,000. US Bancorp DE increased its stake in FireEye by 271.0% in the first quarter. US Bancorp DE now owns 10,662 shares of the information security company’s stock worth $135,000 after buying an additional 7,788 shares during the last quarter. TRUE Private Wealth Advisors increased its stake in FireEye by 13.8% in the first quarter. TRUE Private Wealth Advisors now owns 11,520 shares of the information security company’s stock worth $142,000 after buying an additional 1,400 shares during the last quarter. Finally, Fortaleza Asset Management Inc. bought a new stake in FireEye during the second quarter worth $142,000. 67.16% of the stock is owned by institutional investors and hedge funds.